Cebuana Lhuillier Adopts Stellar Blockchain for Faster, Cheaper Cross-Border Remittances
Subscribe to our newsletter!
Editing by Nathaniel Cajuday
- Financial services provider Cebuana Lhuillier announced that it has integrated the Stellar Blockchain Network for its blockchain-based services, especially for cross-border remittance payments.
- According to Cebuana Lhuillier, the move aims to make cross-border remittance payments and transfer money processes faster and cheaper compared to the traditional remittance process.
- This is the third time that Cebuana Lhuillier has ventured into blockchain technology.
Cebuana Lhuillier, a leading non-bank financial services provider in the Philippines, announced its integration with the Stellar Blockchain Network to leverage blockchain and fintech for improved services.
This move aims to provide faster and more affordable cross-border remittance payments for Overseas Filipino Workers (OFWs) by offering a blockchain-powered alternative to traditional remittance flows.
Jean Henri Lhuillier, Cebuana Lhuillier president and CEO, stated, “Our integration with the Stellar network is part of Cebuana Lhuillier’s constant innovation of its tried-and-tested financial services, all for the purpose of making it easier, more convenient, and more cost-effective for recipients in the Philippines to instantly receive their remittances from abroad.”
Expanding blockchain adoption across 3,000+ branches
The blockchain-based service will be available to over 3,000 Cebuana Lhuillier branches across the Philippines.
Denelle Dixon, CEO and Executive Director of the Stellar Development Foundation, expressed her enthusiasm, saying, “As Cebuana Lhuillier joins the Stellar ecosystem, a powerful route for affordable and instant remittances emerge in the Philippines… Together, we are improving the global financial system by bringing more equitable access to critical markets.”
Fintech initiatives for seamless money transfers
Erl Sumanga, general manager and head of Cebuana Lhuillier’s Money Transfers Business, emphasized that the Stellar integration is “just one of the many initiatives of Cebuana Lhuillier.” The company aims to ensure seamless transfers between offline and online channels, focusing on convenience, accessibility, and efficiency for every customer.
Cebuana Lhuillier previous blockchain ventures
Cebuana Lhuillier’s foray into blockchain technology began in 2018 when it partnered with South Korea-based cryptocurrency exchange Coinone and its remittance app, Cross.
In 2019, parent company P.J. Lhuillier, Inc. (PJLI) invested in blockchain and digital asset platform Satoshi Citadel Industries (SCI) Ventures Inc.
In June 2022, Stellar was integrated into MoneyGram International, Inc.’s system for its crypto-to-cash service pilot.
This article is published on BitPinas: Cebuana Lhuillier Integrates Stellar Network for Blockchain-Based Services
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.